According to CryptoPotato, the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) has escalated, with recent filings focusing on the nature of a key witness's declaration. Speculations are surfacing about a potential settlement this summer as both parties await a judicial ruling.
The legal case between Ripple and the SEC, which began in December 2020, has seen increased activity in recent weeks. This is largely due to the trial process commencing on April 23. Shortly after this date, Judge Sarah Netburn issued a new scheduling order focused on the motion for remedies and entry of final judgment. On April 29, the SEC filed its opposition to Ripple's motion to strike new expert materials, centering on testimony from key witness Andrea Fox, known as the 'Fox Declaration'.
Ripple had previously argued that the declaration was an unsolicited expert opinion, while the SEC described it as 'standard summary evidence in support of calculations for disgorgement'. The SEC insisted that the declaration was not an expert report and did not rely on specialized experience. It claimed that the 'Fox Declaration' consisted of data derived from Ripple's own documents, including tax returns and financial statements, which could be useful in determining the lawsuit's outcome.
In response, Ripple filed a letter supporting its initial request, stating that the SEC failed to demonstrate that the declaration was summary evidence rather than expert testimony. Ripple further argued that even if Andrea Fox could be considered a summary witness, the SEC failed to disclose her before the end of the discovery process.
Earlier this week, the SEC filed its remedies reply brief and supporting exhibits under seal. The redacted and public version of the information was presented a day later. American lawyer Jeremy Hogan stated that this marked the end of the briefs phase and that the legal battle has now entered a stage with fewer developments, with both parties awaiting the judge's ruling. Hogan previously predicted that the lawsuit might officially close this summer following a $100 million settlement, significantly less than the $2 billion penalty sought by the SEC and much more than the $10 million Ripple agreed to pay.
